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TribCo Revenue Grab: Revenue Estimate for The Sandberg Game 2

Wednesday, June 18, 2008

Ryno's coming to Wrigley Field in July. I've already examined how this came about, now let's whip out our calculators (or Excel spreadsheets as the case may be.) and see if we can't get an estimate of the increased revenue to the ball club.

For this exercise, I used my Cubs 2008 media guide to find the breakdown of the Wrigley Field seating capacity. Then, I visited the Cubs site to find the price of Cubs tickets for this game. The results and a short discussion are below.

Seat Type 2008 Ticket Price 100% 75% 50% 25%
Club Box Infield 2,550 15 38,250 28,688 19,125 9,563
Club Box Outfield 960 15 14,400 10,800 7,200 3,600
Field Boxes Between the Bases 3,992 15 59,880 44,910 29,940 14,970
Field Boxes Beyond the Bases 3,237 15 48,555 36,416 24,278 12,139
Terrace Boxes Between the Bases 1,785 12 21,420 16,065 10,710 5,355
Terrace Boxes Beyond the Bases 609 12 7,308 5,481 3,654 1,827
Terrace Reserved Between the Bases 6,308 10 63,080 47,310 31,540 15,770
Terrace Reserved Beyond the Bases 5,914 10 59,140 44,355 29,570 14,785
Bleachers 4,960 10 49,600 37,200 24,800 12,400
Bleacher Boxes 252 15 3,780 2,835 1,890 945
Capacity 30,567 Total 365,413 274,060 182,707 91,353

The first thing I noticed is that the Cubs aren't selling tickets to any of the upper deck seats. That will take the Wrigley Field seating capacity down from 41,160 to 30,567 for the day.

The second thing I noticed is that the ticket prices are all fairly low. Like a minor league game, the most expensive ticket available online is $15. (I think I'll go to this game.) Consequently, I was a little surprised to see that the total upside potential in terms of ticket revenue was as low as it is. Assuming the cubs sold 100% of the offered tickets, their total revenue would be around $365,000. (This factors in $0 for the Mezzanine suites, and $0 for the special sections near the dugouts and the CBOE seats, so the real ticket revenue potential is higher, but probably not more than another 10-15%.)

Given the likelihood that the Cubs won't sell 100% of the tickets, you can get a feel for the ticket revenue from the table above. At 75% capacity, ticket revenue is $275,000, etc.)

While the Cubs are sure to enjoy the extra revenue, (enough to pay a league minimum guy like Mike Fontenot for a year), the real earnings potential comes from the opportunity to sell concessions, parking, and memorabilia for an extra game. I would guess the concessions alone will double the ticket revenue. (Who can avoid splurging for an extra round of hot dogs and soda when your family of 4 just saved $200 on tickets compared to a regular MLB game?)

All in all, I had expected the total revenue bump would be larger than it looks like it will be, but it's still a no-brainer for the Cubs.

Posted by Byron at June 18, 2008 10:15 AM | Bookmark and Share | BallHype: hype it up!
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